1. Upon the Grant of Option to Purchase (Booking fee) - 5% - 10%(Cash only) of purchase price.
2. Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date - 20% less booking fee(CPF)
3. Completion of foundation work (Start of loan payments) - 10%
4. Completion of reinforced concrete framework of unit - 10%
5. Completion of brick walls of unit - 5%
6. Completion of roofing/ceiling of unit - 5%
7. Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit - 5%
8. Completion of car park, roads and drains serving the housing project - 5%
9. Notice of Vacant Possession - 25%
10. On Completion Date - 15%
The estimate TOP is usually at a later date so that Developer would not be penalised should there be any delays, usually the TOP will be earlier by a few months.
Once you have yr OTP, you should have in hand a banker list of whom you going to take a loan from in references to the packages & interest rate…etc ( this should be look into prior to your purchase to avoid any cash or CPF shortfall, the banker will be able to advised U on this. )
As for payment pls refers to the above. The banker will release the payment in % once they get the instruction from the lawyer when developer have reach certain stages of the developments.
Therefore, in the initial stage, U probably pay lesser & yr mortgage will increase according to the stages of the development till completion.
Just my 2 cents worth…hope is useful to U…cheers
